Streetbeat News

CTRYF

Country Garden Holdings Co., Ltd.

https://www.countrygarden.com.cn

CEO

Bin Mo

Industry

Offices of Other Holding Companies

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Hong Kong stocks ended the week lower due to a sell-off in tech stocks and ongoing property market issues. China's Central Bank injected a record stimulus into the banking system to maintain steady short-term prime loan rates. Morgan Stanley data showed foreign investors sold $1.6 billion of Chinese shares this month, with Tencent, Alibaba, and JD.com being the most affected. China Evergrande Group scrapped court hearings with creditors to negotiate $20 billion of its offshore debt, while Country Garden Holdings' bondholders are seeking a resolution to a missed bond payment. China's real estate sector declines prompted the People's Bank of China to inject $100 billion into banks.

Portfolio Pulse from Daniel Harrison

October 20, 2023 | 4:06 pm

Hong Kong and China stocks fell due to poor economic data from the housing and financial sector. China's housing prices fell the fastest in 11 months, and investment in the housing sector plunged 9.1% in the first 9 months of this year. Country Garden Holdings Limited (OTC:CTRYF) defaulted on US dollar bonds, and its stock fell 3%. Other property firms like China Evergrande Group (OTC:EGRNQ) and Sunac China Holdings Limited (OTC:SNCNQ) also saw their stocks fall. Alibaba Group Holdings Limited (NYSE:BABA), Tencent Holdings Ltd (OTC:TCEHY), and JD.com Inc (NASDAQ:JD) fell due to a larger credit rout. Bank of China Ltd. (OTC:BACHF), China Construction Bank Ltd (OTC:CICHF), and HSBC plc (NYSE:HSBC) fell due to potential LGVF defaults. EV makers like Nio Inc (NYSE:NIO), XPeng Inc. (NYSE:XPEV), and Li Auto Inc (NASDAQ:LI) fell due to disappointing earnings from Tesla Inc (NYSE:TSLA).

Portfolio Pulse from Daniel Harrison

October 19, 2023 | 5:36 pm

Three Hong Kong-based companies made significant announcements. Sino-Ocean Group Holding Limited (OTC:SIOLY) requested another week to make a bond interest payment, which could negatively impact its parent company, China Life Insurance Co Ltd (OTC:CILJF). Bank of China Limited (OTC:BACHF) issued a prospectus for a $1.6 billion medium term note, indicating a potentially stronger outlook. Swire Pacific Limited (OTC:SWRAY) issued a prospectus for a $5 billion medium term note offering, which could strengthen its position against struggling rivals.

Portfolio Pulse from Daniel Harrison

October 19, 2023 | 3:20 pm

Chinese real estate company Country Garden Holdings Co. Ltd. (OTCPK: CTRYF) is struggling to meet offshore debt obligations, including a $15 million interest payment. The company's dollar-denominated bonds have fallen to 4 cents on the dollar. This comes amidst positive economic data from China, with Q3 GDP growth of 4.9% and retail sales up by 5.5% year-on-year in September 2023.

Portfolio Pulse from Piero Cingari

October 18, 2023 | 3:02 pm

China's largest property developers, Country Garden Holdings Limited and China Evergrande Group, are facing financial difficulties. Country Garden missed a bond payment of $15.4 million and has $186 billion of liabilities. Its junk bonds are trading at around 4 cents on the dollar. Evergrande, with $327 billion in liabilities, faces liquidation at the end of the month. The situation is affecting the Chinese property market and the performance of China tracker funds such as the iShares China Large-Cap, which is down 10% year-to-date.

Portfolio Pulse from Daniel Harrison

October 18, 2023 | 2:14 pm

Concerns are growing over hidden debt in China's property sector, with Ping An Insurance Group's real estate subsidiary, Ping An Real Estate Co. Ltd, in focus. The company's bond has been fluctuating due to investor concerns about its ability to repay. The company's sales have been declining and there are questions about its off-balance sheet debt. The China Securities Regulatory Commission found that the subsidiary had covered up a 200 million RMB overdue debt tranche. The situation could potentially spark a broader contagion in China's financial services sector.

Portfolio Pulse from Daniel Harrison

October 16, 2023 | 5:00 pm

Hong Kong and China stocks closed lower due to weak consumer sentiment and property market concerns. Alibaba (BABA) and Tencent (TCEHY) fell more than 3% due to weak consumption demand. JD.com (JD) dropped 10% after Citigroup (C), Daiwa Securities (DSECF), and Jefferies Financial (JEF) cut price and revenue targets for the company. Morgan Stanley (MS) revised its estimates for the Hong Kong property market, downgrading Wharf Holdings (WARFF) and the overall property market. Sino-Ocean Group (SIOLY) defaulted on its bond repayments, while Country Garden Holdings (CTRYF) and Sunac China Holdings (SNCNQ) also fell. Didi Global (DIDIY) is planning a Hong Kong Stock Exchange listing.

Portfolio Pulse from Daniel Harrison

October 13, 2023 | 5:45 pm

Chinese property developer Sino-Ocean Group Holding Limited (OTC:SIOLY) has asked its bondholders to delay interest payments, following a default on its bond repayments. The company had previously frozen $4 billion of offshore debt. Sino Ocean also warned that it may not meet the December payment deadline and would formulate a new payment plan if necessary. No additional interest would be offered for the delayed payment. Other major defaulters include Country Garden Holdings Limited (OTC:CTRYF) and China Evergrande Group (OTC:EGRNQ).

Portfolio Pulse from Daniel Harrison

October 13, 2023 | 2:42 pm

China's state-owned fund Central Huijin Investment Ltd. has bought $65.7 million in shares of Bank of China Ltd., China Construction Bank Corp, Agricultural Bank of China Ltd., and Industrial & Commercial Bank of China Ltd., raising its stake in each bank by ten basis points. The fund plans to continue these purchases over the next 6 months. Meanwhile, property developer stocks fell due to gloomy data from the Hong Kong home market, and EV stocks rose on positive sentiment. The report also mentioned that Chinese companies are gradually returning to list on US exchanges, albeit at a slower pace.

Portfolio Pulse from Daniel Harrison

October 12, 2023 | 3:54 pm

Rumors of a Chinese government stimulus have been boosting investor sentiment in Hong Kong, with expectations of an additional 1 trillion RMB ($137 billion) to support the local economy. This has led to a surge in Hong Kong and Chinese stocks. The iShares China Large Cap ETF (NYSE:FXI) is down 8.3% year-to-date, while the SPDR S&P 500 ETF (NYSE:SPY) has risen 14% during 2023. Stocks such as Country Garden Holdings Company Limited (OTC:CTRYF), China Evergrande Group (OTC:EGRNF), China Evergrande New Energy Vehicle Group Limited (OTC:EVGRF), XPeng Inc (NYSE:XPEV), and NIO Inc. (NYSE:NIO) have seen significant gains.

Portfolio Pulse from Daniel Harrison

October 11, 2023 | 5:47 pm

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